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Determine the cost of merchandise sold for the sale of may

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The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date   Blankets      Units Cost
May 3  Purchase5     $20
10           Sale3
17        Purchase10     $24
20                Sale6
23            Sale3
30           Purchase10       $30

Problem 1: ?Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method.

Reference no: EM132959031

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